U.S. crude oil reserves hit 45‑year low amid rising Iran tensions

U.S. commercial crude inventories have fallen to 409 million barrels and strategic reserves to 316 million barrels, bringing total oil stocks to about 731 million barrels – the lowest level in 45 years, according to a Bank of America report. The decline is linked to escalating tensions with Iran, which officials warn could threaten key supply routes such as the Strait of Hormuz and spark a sharp rise in global oil prices.

At the same time, global oil markets have surged, with Brent crude reaching a two‑month high of $105.70 per barrel. The price spike reflects supply concerns from the Iran‑U.S. standoff, the war in Ukraine, and a reported shutdown of Kazakhstan’s “CPC Blend” terminal in the Black Sea after an alleged Ukrainian drone attack, which cut the country’s output to roughly 460,000 barrels per day.